September 2022 Case-Shiller Results & Forecast: Holding Tight
September brought about high interest rates and slowing sales, which continued to slow home price growth annually. On a monthly level, home prices continued to drop. While buyers are stepping aside waiting for more affordable prices and rates – causing the slowdown on price growth – would-be sellers are sticking their ground and holding tight to the inventory they currently own.
October Existing Home Sales: Affordability Woes See Largest Drop in Sales in 15 Years
Existing home sales slipped in October, continuing the trend with every month in 2022 seeing a drop in sales, seeing the largest year over year decrease in existing home sales since 2007.
October Housing Starts: Homebuilding Activity Slows Again
October was a challenging month with disappointing inflation data and soaring interest rates, and it is no surprise that home building activity reverted back to a downward trend
Mortgage Rates Fall As Inflation Reports Easing Pressures
Mortgage rates fell sharply this week after a blockbuster report on inflation showed that price pressures may finally be easing.
Mortgage Rates Up Slightly Despite Midterms and Job Figures
Mortgage rates were up slightly this week, holding firm near 20-year highs after an eventful seven days filled with key monetary policy, economic and political updates. After rising strongly in response to comments from the Federal Reserve indicating that more rate hikes and policy tightening were likely in the coming months, mortgage rates had a muted reaction to the October jobs figures, which showcased a resilient, but softening labor market.
The typical U.S. home value was nearly flat from September to October (+0.1%), as buyers and sellers potentially settled on a new market equilibrium.
Mortgage Rates Enjoy a Calm Period, but Choppier Waters are Likely Ahead
Mortgage rates ticked up slightly this week and enjoyed a period of relative calm, as markets eagerly anticipated Federal Reserve policy updates and gauges of the economy for where to head next. But more pronounced movements are likely in the coming days.
Mortgage Rates Reverse as Investors Expect Moderation
Mortgage rates fell this week, touching 20-year highs before retreating considerably in recent days. The sharp reversal over the past few trading sessions – a rarity these days – suggests that investors may finally be expecting some moderation in the Fed’s pace of monetary policy tightening and some softening in key economic data releases – the two factors that have combined to push rates firmly higher this year.
September New Home Sales: New Sales Back Down With Rates Climbing
Mortgage rates spiked in September, leading to a slowdown in new construction sales compared to August when rates took a slight dip down.
